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"Affordable" housing not really affordable

A team developing two luxury high-rises on the Greenpoint waterfront has agreed to include 200 affordable units in the development. Or, more accurately, "affordable."

“They are not affordable to the average resident of the neighborhood,” said Moses Gates, who handles affordable housing development policy issues for the Association of Neighborhood and Housing Development.Earlier this year, Gates' organization released a report that hailed the Bloomberg administration for creating "the largest municipal aﬀordable housing eﬀort in the nation’s history," but also faulted it for a certain "disconnect between the City’s momentous goal and the on-­the-ground reality."

More to the point, the report found that about two-thirds of the administration's "affordable" units "are too expensive for the majority of local neighborhood residents."Click here for the full article.